St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-06-25
STATE OF TRADE.
The Weekly Review of the General
Commercial Situation.

commercial Situation.
New YORK, June 24-R. G. Dunn 81
Co. in their weekly review of trade saw
The failure of the Fidelity bank of Gin
cinnati, with such evidences OF rotten-
ness and fraud that three officials have
been locked up on criminal charges. ;S
the natural fruit of the wheat corner
| that has disturbed business during the,5
past week quite extensively. The pros-
pect that dep0SltorS may recover moth
ing, that more than eight other bankSi
which deposited there will have losseSs
to bear, and that the fraudulent re-5
hypOthecatiOn of collatterals for loansi
will entangle the resources of MANY
who had nothing to do with the wheat
operation, makes the disturbance felt in
many quarters. These events justify;
the precautions advised for weeks paSf3
in this review, with respect to tl,e prob,
able failure of the wheat corner and its;
consequences. The withdrawal of
funds from New York to meet
immediate needs at the Vest
has caused temporary stringenev,
here which spectators have magnified.a
but foreign exchange is so near tfre
shipping point and the supply of unused
funds abroad is so large, that relief
would come quickly if needs here shouldi
bursementS by the treasury in July arei
now close at hand. In the half yearlvl
settlements, in the struggle to ffquidate
enormous SpeculatiOns and IN prepara-
tions for summer duliness, however,
there may be some pressure for MONEYS
during the remaining days of June. AE
nearly all other points mauey iSTeported
in good supply. General reports of
business at nearly all points are highly
encouraging and the increasing prospect
of good crops adds to the prevailing,
confidence Collections are generallY
fair to good and the volume of business
good for the season. The dry goods trade
is comparatively inactive as usual at this
period. but considerable movement after
July l is anticipated. Mems wooien
goods are decidedly dull. but i'm dress
goods and flannels the trade is fair.i
Cottons are unchanged in the main, but
print cloths are quoted at S325 with
large sales. The liquidation in cotton
proceeds slowly, but prices have de-
clined g for the week. Wheat has
fallen about cents, though a PARTIAL
corner in July still makes quotations.
here cents or more above the price fori
July. Products though still at Chicagos
are about the level. In the stock mar
ket liquidation has been the feature.i
DiStrust of parties and securities
thought to be even remotely Connected
with the Cincinnati speculation is obvi-
Gus, and there is less confidence as to,
the effects of the interstate act. All
heavy increase i'll shipments by lake.
and canal is reported, and the enforce
ment of the law threatens to stop man
ufacturing and mining at numerous
points. Under all the circumstances;
the strength of the market issurprising.
especially when it is remembered that
new securities for several hundred mill
ions have been listed this year. The
iron market waits the outcome of the.
labor contests. Railroad building seems
to have been checked little, but the,
present demand for most iron and steeE
products seems better. Other labor con-
tests are disappearing. Real estate in
the West is still unusually active, and
though the bloom is off the boom, so to
speak, no visible reaction in prices is to-
be expected at present. The business
failures during the last seven days num-
Der for the United States, I'll; for Cam
ada. 20: total, 1877; as compared with 21S
last week and 1852 in the cnrrasnapding
week OF last year.